Item 1: On January 1, 2024, Entity L had 25,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 June 1 June 30 Issued 36,000 shares of common stock at $12 per share. Declared a cash dividend of $1.70 per share to stockholders of record on June 15 Paid the $1.70 cash dividend Dec. 1 Purchased 1,500 shares of common stock for the treasury for $20 per share Instructions: Prepare journal entries to record the above transactions. Show your calculations. T